Lazard is struggling to keep pace with its rivals in UK mergers and acquisitions despite a record start to the year in a booming market.

The investment bank that listed in 2005 has advised on $115bn (€85bn) worth of M&A this year, almost double that of last year and more than its previous UK record of $90bn in 2000.

However, the firm has slipped to its lowest position in the UK M&A rankings since 2004, according to Thomson Financial, an investment banking data provider.

The bank is ranked 14th, down from ninth at the end of last year when Marcus Agius, its veteran UK chairman and renowned dealmaker, retired from investment banking to become chairman of UK bank Barclays.

Lazard is improving in other European markets. It is 11th in Italy, having recovered from the loss of its star banker Gerardo Braggiotti when it fell to 18th last year, while it had record revenues in the US and France last year.

Lazard is advising Barclays on its $90bn agreed takeover of Dutch bank ABN Amro, accounting for 80% of its UK dealflow. It is also advising private equity firm CVC Capital Partners on a $21bn bid for Spanish tobacco firm Altadis.

Rivals bankers say it is not a traditional adviser to Barclays and its relationship with Agius may have helped. Last year Lazard’s biggest mandate was advising airports operator BAA, also chaired by Agius.

Bankers argue that league tables are only part of the picture, and Lazard has worked on big deals not receiving league table credit. It was lead adviser to CVC on its abortive bid for UK retailer J Sainsbury and advised Brazilian steelmaker CSN on a counterbid for Anglo-Dutch steelmaker Corus.

Lazard’s status as a specialist M&A advisory firm means its performance is seen as a proxy for the M&A market, which is at record levels.

The bank made $222.6m (€164.2m) in advisory revenues in the first quarter, which was flat compared with last year.

Vice-chairman Steven Golub said: “Our results are best measured on an annual basis rather than on any single quarter. This year our backlog for completion of transactions seems to be weighted towards the second half of the year.”